Announcing IncentiveLife Optimizer III, Effective February 22, 2016

Transcription

1 From the desk of: Dave Kahal, Senior Vice President Announcing IncentiveLife Optimizer III, Effective February 22, 2016 Dear Business Colleague: We are pleased to announce that effective February 22, 2016, a new product will be available in our innovative life insurance portfolio IncentiveLife Optimizer III. With this new product, your clients can build more for tomorrow, keep more of the money they ve earned and live more for today. Build more. Unlike term insurance, IncentiveLife Optimizer has a growth component that complements the protection their policy provides. This lets your clients build more for tomorrow because their policy s cash value can grow over time. And IncentiveLife Optimizer lets them choose from over 90 investment options, so their money is invested the way they want it to be. Keep more. The tax advantages of IncentiveLife Optimizer mean your clients can keep more of their money by minimizing how much they pay in taxes, now and in the future. Their policy accumulates tax-free, and distributions are also tax-free when properly structured. Live more. Help your clients live more for today by protecting themselves and their family against life s unknowns while saving and planning for the future. Because IncentiveLifeOptimizer can adapt to their changing needs, they ll rest easier knowing that their family will be taken care of, and they will have access to their money when they need it. IncentiveLife Optimizer III will be available in approved jurisdictions on February 22, Sales illustrations of IncentiveLife Optimizer III will be available on February 8, Marketing materials will soon be available through our Sales Teams to assist in training your back office and helping you promote our new product to your producers. You will also be able to easily locate information on the products on once the product and rider become available. Transition Rules IncentiveLife Optimizer III will be available for sale on February 22, Applications for Incentive Life Optimizer II will continue to be accepted subject to a 30 day transition period. Amendment to Sales Agreement This letter amends our Sales Agreement to add IncentiveLife Optimizer III as well as amends the Schedule I and indicating the compensation schedules for these products. Attached are restated Schedules I and II covering all products. These Schedules replace the current Schedules in your Sales Agreement as of 2/22/16. Please attach this letter, together with the restated Schedules, to the original counterpart of the Sales Agreement in your files. We thank you for your business and appreciate the trust you have placed in AXA. For questions on the Schedules, please contact the Commission team at Opt 4, Opt 2. For more information on AXA products, please contact your Regional Vice President or the AXA Distributors Sales Desk at , Option 2. Sincerely, Dave Kahal, Senior Vice President, AXA Distributors, LLC Enclosures: State Availability Chart Restated Schedules I and II

2 AXA" is a brand name of AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable Life Insurance Company (NY, NY), MONY Life Insurance Company of America (AZ stock company, administrative office: Jersey City, NJ), AXA Advisors, LLC, and AXA Distributors, LLC. AXA S.A. is a French holding company for a group of international insurance and financial services companies, including AXA Equitable Financial Services, LLC. This brand name change does not change the legal name of any of the AXA Equitable Financial Services, LLC companies. The obligations of and MONY Life Insurance Company of America are backed solely by their claims paying ability. IncentiveLife Optimizer III is issued in New York and Puerto Rico by (AXA Equitable), 1290 Avenue of the Americas, New York, NY and in all other jurisdictions by affiliate MONY Life Insurance Company of America, (MLOA) an Arizona stock corporation, with its main administrative office at 525 Washington Blvd., Jersey City, NY 07310, and is co-distributed by affiliates AXA Advisors LLC and AXA Distributors, LLC. MLOA is not licensed to do business in New York. AXA Equitable, MLOA, AXA Advisors, LLC and AXA Distributors, LLC do not provide tax or legal advice. Clients should rely on their own advisors on these matters. IU (12/15) (Exp. 12/17) For Financial Professional Use Only

3 IncentiveLife Optimizer III, Series 157 POLICY FORM ICC15-100, GENERIC OR STATE VARIATION STATE AVAILABILITY AS OF February 22, 2016 State Date Available for Sale Application Form # IL Optimizer III Questionnaire Form # Free Look Provision 1 Issuing Company Alabama Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Alaska Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Arizona Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Arkansas Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA California Yes AXA-Life-2011CA (rev. 11/11) MLOA-ILOpt-2015CA (PAV) Accumulated Value MLOA Colorado Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Connecticut Yes AXA-Life-2011E (rev.11/11) MLOA-ILOpt-2015 (PRF) Premium Refund MLOA Delaware Yes AXA-Life-2011 (rev. 11/11) MLOA-ILOpt-2015 (PRF) Premium Refund MLOA District of Columbia Yes AXA-Life-2011 (rev. 11/11) MLOA-ILOpt-2015 (PRF) Premium Refund MLOA Florida Yes AXA-Life-2011FL (rev.11/11) MLOA-ILOpt-2015 (PAV) Accumulated Value MLOA Georgia Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Hawaii Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Idaho Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Illinois Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Indiana Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Iowa Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Kansas Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Kentucky Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Louisiana Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Maine Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Maryland Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA 1 For Financial Professional Use Only. Not To Be Used With Or Distributed To The General Public. Cat #

4 IncentiveLife Optimizer III, Series 157 POLICY FORM ICC15-100, GENERIC OR STATE VARIATION STATE AVAILABILITY AS OF February 22, 2016 State Date Available for Sale Application Form # IL Optimizer III Questionnaire Form # Free Look Provision 1 Issuing Company Massachusetts Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Michigan Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Minnesota Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Mississippi Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Missouri Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Montana Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Nebraska Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Nevada Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA New Hampshire Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA New Jersey Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA New Mexico Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA New York No AXA-Life-2011NY (rev. 6/12) AXA-ILOpt-2015NY (PRF) Premium Refund AXA Equitable North Carolina Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA North Dakota Yes AXA-Life-2011 (rev. 11/11) MLOA-ILOpt-2015 (PRF) Premium Refund MLOA Ohio Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Oklahoma Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Oregon Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Pennsylvania Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Puerto Rico Yes ICC15-AXA-Life ICC15-AXA-ILOpt Accumulated Value AXA Equitable Rhode Island Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA South Carolina Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA 2 For Financial Professional Use Only. Not To Be Used With Or Distributed To The General Public. Cat #

5 IncentiveLife Optimizer III, Series 157 POLICY FORM ICC15-100, GENERIC OR STATE VARIATION STATE AVAILABILITY AS OF February 22, 2016 State Date Available for Sale Application Form # IL Optimizer III Questionnaire Form # Free Look Provision 1 Issuing Company South Dakota Yes AXA-Life-2011SD (rev. 11/11) MLOA-ILOpt-2015 (PRF) Premium Refund MLOA Tennessee Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Texas Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Utah Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Vermont Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Virginia Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Washington Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA West Virginia Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Wisconsin Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA Wyoming Yes ICC15-AXA-Life ICC15-MLOA-ILOpt Accumulated Value MLOA 1. In Accumulated Value jurisdictions, the Policy Account Value plus any monthly deductions plus any charges deducted from premiums less any loan and accrued loan interest will be refunded, if the policy is not take out (NTO) or returned to us under the Free Look provision. In these states, the initial premium will be allocated to the investment options immediately as specified by the client on the application. In Premium Refund jurisdictions, premium paid less any loan and accrued loan interest will be refunded, if the policy is not taken out (NTO) or returned to us under the Free Look provision. Premium Refund jurisdictions include the Money Market Lock-in (MMLI) provision. In these states, the initial premium is allocated to the EQ/Money Market portfolio for 20 calendar days. Following the expiry of the Money Market Lock-in Period, any premiums paid will be re-allocated to the variable investment options in accordance with the premium allocation instructions as specified by the client on the application. 3 For Financial Professional Use Only. Not To Be Used With Or Distributed To The General Public. Cat #

6 IncentiveLife Optimizer III, Series 157 POLICY FORM ICC15-100, GENERIC OR STATE VARIATION STATE AVAILABILITY AS OF February 22, 2016 The following riders/endorsements are available in all states except where noted: Rider/Endorsement Name No Lapse Guarantee Rider Liquidity Rider Variable Indexed Option Rider (MSO) Disability Rider Waiver of Premiums or Monthly Deductions Charitable Legacy Rider Disability Waiver of Monthly Deductions Rider Children s Term Insurance Rider Substitution of Insured Rider Accelerated Death Benefits (Terminal Illness) Long Term Care Services Rider* Option to Purchase Additional Insurance Loan Extension Endorsement Form Numbers ICC15 R15 220, R (or state variation) ICC15 R15 230, R (or state variation) ICC15 R15 200, R (or state variation) ICC15 R15 210, R (or state variation) R14 60CA (for use in AXA Equitable) R14 60CA (Rev.) (for use in MLOA) ICC09 R09 90, R09 90 (or state variation) ICC12 R12 30 (MLOA version for use in all ICC states except Puerto Rico); R (or state variation) for use in Puerto Rico, an ICC state for AXA Equitable, and in all non ICC states for MLOA except California, as well as AXA Equitable in New York; R14 50CA (for use in California) R (or state variation) R (or state variation) R11 60NY (for use in New York) ICC11 R11 90, R06 70 (or state variation) R11 40NY (for use in New York) ICC12 R12 10, R12 10 (or state variation) R (or state variation) S (or state variation) 4 For Financial Professional Use Only. Not To Be Used With Or Distributed To The General Public. Cat #

7 IncentiveLife Optimizer III, Series 157 POLICY FORM ICC15-100, GENERIC OR STATE VARIATION STATE AVAILABILITY AS OF February 22, 2016 Exclusion Riders Aviation: ICC14 R14 80, R14 80 Military Aviation: ICC14 R14 100, R Aerial Activities: ICC14 R14 110, R Racing Activities: ICC14 R14 120, R Or state variations for each except New York; New York will continue to use the following: Aeronautics Exclusion Rider R Military Aeronautics Aviation Rider R No exclusion riders are approved in North Dakota Unisex Endorsement ICC09 S (for MLOA, ICC version; ICC11 S (for AXA Equitable ICC version for use in Puerto Rico); S (for MLOA in all non ICC jurisdictions and for AXA Equitable in New York) *For a listing of Long Term Care Services sm Rider forms and state variations, please refer to the Long Term Care Services sm Rider Forms Package available at In Florida this is the Long-Term Care Insurance Rider. In California this is the Comprehensive Long-Term Care Rider. 5 For Financial Professional Use Only. Not To Be Used With Or Distributed To The General Public. Cat #

8 AXA Equitable Life Insurance Policies Schedule I (Subject to State Availability) IncentiveLife Legacy III, Series 156 (Only New York and Puerto Rico) Policy Form Number: in New York and ICC in Puerto Rico Incentive Life Optimizer II, Series 151 Policy Form Number: or state variation and ICC Incentive Life Optimizer II with Cash Value Plus Rider, Series 151 Policy Form Number: or state variation with Incentive Life Optimizer III, Series 157 (Only New York and Puerto Rico) Policy Form Number: or state variation and ICC Incentive Life Optimizer III with Liquidity Rider, Series 157 (Only New York and Puerto Rico) Policy Form Number: or state variation with Survivorship Incentive Life Legacy, Series 149 Policy Form Number: or state variation Survivorship Incentive Life Legacy with Cash Value Plus Rider, Series 149 Policy Form Number: or state variation with R11-10 or state variation (effective 2/18/2013) Athena Survivorship UL IV, Series 154 Policy Form Number: or state variation and ICC Athena Universal Life, Series 152 Policy Form Number: or state variation and ICC Athena Universal Life with Cash Value Plus Rider, Series 152 Policy Form Number: or state variation with R11-10 or state variation and ICC with ICC11-R11-10 BRAMCOSGA Schedule I and II 1

9 Schedule I (Subject to State Availability) AXA Equitable Life Insurance Policies (continued) BrightLife Protect, Series 155 (Only New York and Puerto Rico) Policy Form Number: NY and ICC BrightLife Protect with Cash Value Plus Rider, Series 155 (Only New York and Puerto Rico) Rider Form Number: R11-50NY and ICC11-R BrightLife Grow, Series 155 (Only New York and Puerto Rico) Policy Form Number: NY and ICC BrightLife Grow with Cash Value Plus Rider, Series 155 (Only New York and Puerto Rico) Rider Form Number: R11-50NY and ICC11-R BrightLife Protect Survivorship, Series 156 (Only New York and Puerto Rico) Policy Form Number: NY and ICC (or state variation) BrightLife Protect Survivorship with Cash Value Plus Rider, Series 156 (Only New York and Puerto Rico). Rider Form Number: R11-50NY and ICC11-R BrightLife Grow Survivorship, Series 156 (Only New York and Puerto Rico) Policy Form Number: NY and ICC (or state variation) BrightLife Grow Survivorship with Cash Value Plus Rider, Series 156 (Only New York and Puerto Rico). Rider Form Number: R11-50NY and ICC11-R BrightLife Term Series 151X Annual Renewable Term Policy Form Number: or state variation and I CC BrightLife Term Series 151X Level Term 10 Policy Form Number: 150-LT or state variation and ICC LT BrightLife Term Series 151X Level Term 15 Policy Form Number: 150-LT or state variation and ICC LT BrightLife Term Series 151X Level Term 20 Policy Form Number: 150-LT or state variation and ICC LT BrightLife TermOne, S155B (Only New York and Puerto Rico) Policy Form Number: ICC and or state variation Interest Sensitive Whole Life ISWL Series 149 Policy Form Number: or state variation and ICC BRAMCOSGA Schedule I and II 2

10 Schedule I (Subject to State Availability) MONY Life Insurance Company of America (MONY AMERICA) Life Insurance Policies IncentiveLife Legacy III, Series 156 (all jurisdictions except New York and Puerto Rico), Policy Form Number: or state variation and ICC Incentive Life Optimizer III, Series 157 (all jurisdiction except New York and Puerto Rico), Policy Form Number: or state variation and ICC Incentive Life Optimizer III with Liquidity Rider, Series 157 (all jurisdiction except New York and Puerto Rico), Policy Form Number: or state variation with BrightLife Protect, Series 155 (all jurisdictions except New York and Puerto Rico), Policy Form Number: or state variation and ICC BrightLife Protect with Cash Value Plus Rider, Series 155 (all jurisdiction except New York and Puerto Rico), Policy Form Number: or state variation with R11-10 or state variation and ICC with ICC12-R BrightLife Grow, Series 155 (all jurisdiction except New York and Puerto Rico), Policy Form Number: or state variation and ICC BrightLife Grow with Cash Value Plus Rider, Series 155 (all jurisdiction except New York and Puerto Rico), Policy Form Number: or state variation with R11-10 or state variation and ICC with ICC12-R11-10 BrightLife Protect Survivorship, Series 156 (all jurisdiction except New York and Puerto Rico), Policy Form Number: or state variation and ICC BrightLife Protect Survivorship with Cash Value Plus Rider, Series 156 (all jurisdiction except New York and Puerto Rico), Policy Form Number: or state variation with R11-10 or state variation and ICC12-R BrightLife Grow Survivorship, Series 156 (all jurisdiction except New York and Puerto Rico), Policy Form Number: or state variation and ICC BrightLife Grow Survivorship with Cash Value Plus Rider, Series 156 (all jurisdiction except New York and Puerto Rico), Policy Form Number: or state variation with R11-10 or state variation and ICC12-R BrightLife TermOne, S155B (all jurisdiction except New York and Puerto Rico), Policy Form Number: ICC and or state variation BRAMCOSGA Schedule I and II 3

11 for Life Insurance Policies will be paid under the Brokerage General Agent Sales Agreement ( Agreement ) with respect to each Life Policy in accordance with the compensation schedules listed below and attached hereto and the other provisions of this Schedule. All premium-based compensation due and payable will be paid to the General Agent which is the Broker of Record of the Life Policy on the date the Premium is received. Calculating Unless otherwise specified, compensation will be calculated with respect to any Policy in accordance with the attached compensation schedule for the Policy as a percentage of Premiums actually received during the first ten Policy and will be payable from time to time following receipt of the relevant Premiums in accordance with the Distributor s standard payment procedures. Payment of compensation will be suspended if a Policy is in its grace period pending payment of the Premium due or termination of the Policy. As used herein, a Policy Year is a one-year period beginning on the Register Date specified in the Life Policy or on any anniversary date thereof, and "Commissionable Target Premium or CTP is the amount set forth in the illustration (or conforming illustration) for the Life Policy in question as the Commissionable Target Premium. Commissionable Target Premiums may be tiered. Individual tiers are referred to as CTP 1, CTP 2, etc. All other terms used herein shall, unless otherwise defined, have the meaning given such terms of the Agreement. Special Provisions Special compensation provisions set forth in the attached compensation schedules may apply with respect to specific Policies. In the event of any inconsistency between the general provisions of this (other than as to maximum compensation as provided below) and the provisions of any attached compensation schedule, the provisions of the compensation schedule will apply. Maximum Notwithstanding anything to the contrary herein or in the compensation schedules attached hereto, all compensation provided for herein shall be subject to and paid in accordance with Section 4228 of the New York Insurance Law and the regulations thereunder, and neither the Company nor the Distributor shall have any obligation to pay any compensation in excess of the limits established thereunder. All sums, if any, paid under the Agreement in excess of the limits provided in Section 4228 shall be promptly returned to the Distributor upon demand. Replacements In the event that a life insurance policy or an annuity contract issued by the Company (a "Replaced Policy") is surrendered, changed or exchanged in order to purchase a Company Product, compensation will only be due and payable on new money (i.e., not values from the Replaced Policy), with the exception of a term conversion as described below. Such compensation will be paid in accordance with the replacement rules and procedures of the applicable insurer with respect to replacements then in effect. Please contact the Distributor before submitting an application for a replacement policy to obtain the latest replacement rules and procedures. BRAMCOSGA Schedule I and II 4

12 Term Conversion If a client converts a term life insurance policy issued by the Company into a Life Policy, compensation will be due and payable hereunder on the portion of the premiums for which the client receives a term conversion credit in accordance with the rules and procedures of the applicable insurer with respect to conversion credit compensation then in effect. Please contact the Distributor before submitting an application for a conversion to determine if a term conversion credit is available for the product in question and, if so, whether or not the credit is commissionable, at what rate it is commissionable, and how the credit will affect compensation paid on premiums received in excess of the credit. Recovery of in Specified Circumstances In the event that a Premium is returned because the insurer rejects the application for the Policy under which such Premium has been paid or because the Premium, or the related application, is not timely received as required herein, or a refund is made because a purchaser exercises his or her free look right under a Policy, or the applicable insurer or the Distributor learns that information was omitted or falsified in an application or that there was any other abuse in connection with the sale of the Policy then, in any such event, upon request from the Distributor, you shall promptly repay to the Distributor any and all compensation received by you, based on all Premiums paid into the Policy, and shall pay any loss incurred as a result of a Premium being returned. You shall also repay, promptly following demand, all compensation paid to you in respect of Premiums paid pursuant to any specialized underwriting arrangement agreed to by the parties in a separate underwriting letter, if the requirements for such arrangement as described in such underwriting offer letter are not satisfied. Right of Offset In addition, and without limiting any provisions of the Agreement, the Distributor shall have a right to set off any sums payable by you to the Distributor against any monies payable by the Distributor to you under the Agreement, including this, to the extent permitted by applicable law. This right on the part of the Distributor shall not prevent the Distributor from pursuing any other means or remedies available to recover such sums. Deferrals The compensation schedules for some products contain compensation deferral provisions. Where the payment of compensation is deferred, the deferred payments will be made to the General Agent which is the Broker of Record on the date the Premium was received, even if the General Agent is not the Broker of Record on the date a deferred payment is made. All deferred compensation, if any, remaining unpaid on the death of the insured (or last surviving insured if the policy is a survivorship product) will be paid following payment of the death claim under the policy. However, no compensation will be due and payable following the lapse or surrender of a policy or the recovery of compensation already paid as otherwise provided herein. BRAMCOSGA Schedule I and II 5

13 Product Athena SUL IV, Series 154 Renewal Excess Athena SUL IV, Series 154 w/cvplus Rider Athena UL, Series % 4% 2.8% 0% 64.5% 4% Yrs %* Yrs % 0% Athena UL, Series 152 w/cvplus Effective 02/01/ % 4% ¹BrightLife Protect, Series % 4% 4% 0% Yrs 2 6 8% * Yrs % 0% No Rolling Target ( NY and PR only) 119% 4% 2.8% 0% BrightLife Protect, Series 155 w/cvplus No Rolling Target (All approved jurisdictions) 40% 4% BrightLife Protect Survivorship, Series 156 Yrs 2 6 8% * Yrs % 0% No Rolling Target ( NY and PR only) 119% 4% 2.8% 0% BrightLife Protect Survivorship, Series 156 w/cvplus Yrs 2-6 8%* Yrs % 0% No Rolling Target (All approved jurisdictions) 40% 4% * Deferred is paid in policy years 2-6 on premiums received up to the commissionable target premium during the first policy year for policies with the CVE or CVPlus rider. The policy must be inforce at the beginning of the policy year to earn that year s deferred first-year commission. Any unpaid deferred first-year compensation is paid in a single sum if the policy terminates due to the death of the insured during the deferral period. CTP: is the amount set forth in the illustration (or conforming illustration) for the Life Policy in question as the Commissionable Target Premium. The CTP will be reduced after a requested face amount decrease. This reduction in CTP affects Face Amount Increase first year compensation only. Face Amount Increases: In the event the face amount of any Athena UL Series 152 or Athena Indexed UL Series 153, BrightLife Protect Series 155 and the new BrightLife Grow Series 155 is increased after issuance, the first-year compensation rate will apply to the portion of the requested face amount increase which exceeds the highest historical face amount. The Policy Year for the increase begins on the day the face amount increase is effective (i.e., the first day of the first month following the approval of the face amount increase). Each eligible face amount increase adds a separate commissionable layer to the policy. and renewal compensation is paid on the portion of the premium attributed to the face amount increase as set forth above. The rate we pay on a face amount increase is the rate that is in effect on the date the face amount increase is effective. BRAMCOSGA Schedule I and II 6

14 Product ¹BrightLife Grow, Series 155 Excess Up to 3x CTP** Excess Above 3x CTP*** Renewal No Rolling Target ( NY and PR only) 129% 4% 2.8% 2.8% 0% BrightLife Grow, Series 155 w/cvplus No Rolling Target (All approved jurisdictions) 40% 4% 2.8% Yrs 2-6 8%* Yrs % 0% BrightLife Grow Survivorship, Series 156 No Rolling Target ( NY and PR only) 129% 4% 2.8% 2.8% 0% BrightLife Grow Survivorship, Series 156 w/cvplus No Rolling Target (All approved jurisdictions) 40% 4% 2.8% Yrs 2-6 8%* Yrs % 0% * Deferred is paid in policy years 2-6 on premiums received up to the commissionable target premium during the first policy year for policies with the CVE or CVPlus rider. The policy must be inforce at the beginning of the policy year to earn that year s deferred first-year commission. Any unpaid deferred first-year compensation is paid in a single sum if the policy terminates due to the death of the insured during the deferral period. **First-year commissions on any premiums received in excess of the CTP are payable in the first policy year only. ***First-year commissions on any premium received in excess of the CTP above three times the CTP are payable in the first policy year only. (i.e: A policy with $10,000 CTP and a premium of $40,000 received prior to the first policy anniversary would generate full first year compensation on $10,000 (the Target premium). The next $20,000 in this example would generate excess up to the 3xCTP level. The remaining $10,000 of the $40,000 in premium received would generate compensation at the excess above 3xCTP rate.) BRAMCOSGA Schedule I and II 7

15 Product ¹IncentiveLife Legacy III, Series 156 (NY & PR only) No Rolling Target (NY and PR only) ¹Incentive Life Optimizer II, Series 151 Incentive Life Optimizer II with Cash Value Plus Rider, Series 151 Survivorship Incentive Life Legacy, Series 149 Survivorship Incentive Life Legacy with Cash Value Plus Rider, Srs 149 effective 2/18/13 Renewal Up to Excess 2-10 CTP 11+ Asset-Based % 4% 2.8% 0% 0% 0% 124% 4% 2.8% 0% 0.15% 0.10% 62% 4% Yrs %* Yrs % 0% 0.15% 0.10% 119% 4% 2.8% 0% 0% 0% 59.5% 4% Yrs %* Yrs % 0% 0.15% 0.10% * Deferred is paid in policy years 2-6 on premiums received up to the commissionable target premium during the first policy year for policies with the CVPlus rider. The policy must be inforce at the beginning of the policy year to earn that year s deferred first-year commission. Any unpaid deferred first-year compensation is paid in a single sum if the policy terminates due to the death of the insured during the deferral period. The CTP is the amount set forth in the illustration (or conforming illustration) for the Life Policy in question as the Commissionable Target Premium. For IL Legacy, IL Legacy II, IL Legacy III and IL Optimizer II, the CTP will be reduced after a requested face amount decrease. For IL Optimizer, and SIL Legacy, the CTP will not be reduced after a requested face amount decrease. Any reduction in CTP affects Face Amount Increase first year compensation only. For IL Optimizer II, the CTP varies by death benefit option and does not change after a requested death benefit option change. Computation of Asset Based Trail : Asset based trail compensation will be paid on Incentive Life Optimizer, Series 149, Incentive Life Optimizer with Cash Value Plus Rider, Series 149, Incentive Life Optimizer II, Series 151, and Incentive Life Optimizer II with Cash Value Plus Rider, Series 151 in addition to premium based compensation, beginning with the first calendar quarter beginning on or after the first day of the 6 th Policy Year. Asset based trail compensation will be calculated as a percentage of the unloaned account value of a Policy and will be paid after the last day of each such calendar quarter. The percentage used to calculate each quarterly payment will be 25% of the annual percentage for the applicable Policy Year as shown above. No trail compensation is payable if the Policy is in grace status as of the end of the calendar quarter. In addition, no trail compensation is paid on terminated Policies or if there is a death claim pending. If a Policy is later reinstated, it will be eligible for trails in the calendar quarter immediately following the date of reinstatement- but no skipped trail compensation will be paid. Face Amount Increases: In the event the face amount of any Incentive Life Optimizer II, IncentiveLife Optimizer III, Series 157, Incentive Life Legacy II and Incentive Life Legacy III policy is increased after issuance, the first-year compensation rate will apply to the portion of the requested face amount increase which exceeds the highest historical face amount. The Policy Year for the increase begins on the day the face amount increase is effective (i.e., the first day of the first month on or following the approval of the face amount increase). Each eligible face amount increase adds a separate commissionable layer to the policy. and renewal compensation is paid on the portion of the premium attributed to the face amount increase as set forth above. The rate we pay on a face amount increase is the rate that is in effect on the date the face amount increase is effective. Face amount increases are not available with policies that have the Cash Value Plus Rider or the Liquidity Rider. BRAMCOSGA Schedule I and II 8

16 Product ¹IncentiveLife Optimizer III, Series Heaped No Rolling Target (NY and PR only) Up to CTP Excess 2-10 Renewal 11+ Asset-Based % 6% 2.8% 0% 0% 10bps Product ¹IncentiveLife Optimizer III, Series Semi-Heaped No Rolling Target (NY and PR only) Up to CTP Excess Renewal 2-7 Up to CTP1 2-7 Excess Over CTP1 8+ Asset-Based % 6% 12% 4% 0% 0% 30bps Product ¹IncentiveLife Optimizer III, Series Liquidity Rider No Rolling Target (NY and PR only) Up to CTP Excess Renewal 2-7 Up to CTP1 2-7 Excess Over CTP1 8+ Asset-Based % 6% 5% 4% 0% 0% 30bps BRAMCOSGA Schedule I and II 9

17 & Persistency (IL Optimizer III) IL Optimizer III Series 157 compensation is comprised of a combination of premium-based compensation and asset-based compensation, as described above. The producer has a choice of two compensation schedules (Heaped or Semi-Heaped) for policies issued without the Liquidity Rider. The choice must be made on the FP Certification. All agents sharing commission on a policy must have the same commission schedule. For policies issued with the Liquidity Rider, a separate compensation schedule applies. There is no option to select the Heaped or Semi-Heaped schedule. If the Liquidity rider ends or terminates prior to the end of the tenth policy year, future commissions will continue to be based on the Liquidity Rider schedule for the original coverage layer. If the policy face amount is increased, commissions paid on premium allocated to the new coverage layer will be based on the Semi-Heaped schedule. Overview (IL Optimizer III) Premium-Based (Base Policy) The Commissionable Target Premium (CTP) is the maximum premium amount on which first year commissions are paid at the highest rate. First year compensation will be paid on a rolling target basis, i.e., we will pay compensation at the first year rate up to one CTP paid during the first two policy years for policies issued by MLOA. There will be no rolling targets on policies issued through AXA Equitable. Asset-Based (Base Policy) In addition to the premium-based compensation, there is an asset-based compensation (ABC) component as well. ABC is paid on the unloaned Policy Account Value at an annualized rate, beginning at the end of the 1 st calendar quarter of the policy year in which asset-based compensation is scheduled to begin. Commission Chargebacks (Optimizer III) Policies issued with the Liquidity Rider have a chargeback on a portion of the commission if such a policy lapses or terminates for any reason other than the death of the insured. Policy Year Commission Recovery % 1 100% 2 75% 3 50% 4 25% 5 0 If the Liquidity Rider is terminated prior to the tenth policy year, the commission schedule will be unchanged. If the policy face amount is increased, commissions paid on premium allocated to the new coverage layer will be based on the Semi-Heaped schedule. If the Liquidity Rider is terminated and subsequently restored, the recaptured commission will also be restored. BRAMCOSGA Schedule I and II 10

18 Product BrightLife Term Series 151X (including riders) Annual Renewal Term (ART) Term 10 Term 15 Term 20 Levelized Renewal Yrs % - 3% 112% % % - 1% High Profile Individuals BrightLife Term Series 151X Annual Renewal Term 16% % Term 10 16% % *Policy fees will not be included in determining Premiums received for calculating compensation. *Temporary Flat Extras (TFE) = 10% payable in only. 3% - Product Ages 0-79 Ages 80+ BrightLife TermOne S155B 10.0% 5.0% Product Renewal 2-10 Interest Sensitive Whole Life ISWL Series % 4% BRAMCOSGA Schedule I and II 11

19 Product MONY Life Insurance Company of America Renewal Excess ¹IncentiveLife Legacy III Series 156 Rolling Target (All approved jurisdictions except NY and PR only). 119%** 4% 2.8% 0% ¹BrightLife Protect, Series 155 Rolling Target (All approved jurisdictions except NY and PR only). 119%** 4% 2.8% 0% BrightLife Protect, Series 155 w/cvplus No Rolling Target (All approved jurisdictions) 40% 4% Yrs 2-6 8% * Yrs % 0% BrightLife Protect Survivorship, Series 156. Rolling Target (All approved jurisdictions except NY and PR only). 119%** 4% 2.8% 0% BrightLife Protect Survivorship, Series 156 w/cvplus No Rolling Target (All approved jurisdictions) Yrs 2-6 8% * Yrs % 0% 40% 4% * Deferred is paid in policy years 2-6 on premiums received up to the commissionable target premium during the first policy year for policies with the CVE or CVPlus rider. The policy must be inforce at the beginning of the policy year to earn that year s deferred first-year commission. Any unpaid deferred first-year compensation is paid in a single sum if the policy terminates due to the death of the insured during the deferral period. The CTP is the amount set forth in the illustration (or conforming illustration) for the Life Policy in question as the Commissionable Target Premium. For IL Legacy, IL Legacy II and IL Legacy III the CTP will be reduced after a requested face amount decrease. **Rolling Target: on premiums received in Year 2 will be paid at first year rates to the extent, if any, that premiums received in Year 1 are less than target. will be paid on all other premiums received in year 2 at the renewal rate. CTP: is the amount set forth in the illustration (or conforming illustration) for the Life Policy in question as the Commissionable Target Premium. The CTP will be reduced after a requested face amount decrease. This reduction in CTP affects Face Amount Increase first year compensation only. Face Amount Increases: In the event the face amount of any Incentive Life Legacy II, Incentive Life Legacy III, Series 156, Athena Indexed UL Series 153, BrightLife Protect Series 155, BrightLife Grow Series 155 and the new IncentiveLife Optimizer III, Series 157 policy is increased after issuance, the first-year compensation rate will apply to the portion of the requested face amount increase which exceeds the highest historical face amount. The Policy Year for the increase begins on the day the face amount increase is effective (i.e., the first day of the first month following the approval of the face amount increase). Each eligible face amount increase adds a separate commissionable layer to the policy. and renewal compensation is paid on the portion of the premium attributed to the face amount increase as set forth above. The rate we pay on a face amount increase is the rate that is in effect on the date the face amount increase is effective. Face amount increases are not available with policies that have the Cash Value Plus Rider or the Liquidity Rider. BRAMCOSGA Schedule I and II 12

20 Product MONY Life Insurance Company of America Excess Up to 3x CTP*** Excess Above 3x CTP**** Renewal ¹BrightLife Grow, Series 155 Rolling Target (All approved jurisdictions except NY and PR only). 129%** 4% 2.8% 2.8% 0% BrightLife Grow, Series 155 w/cvplus No Rolling Target (All approved jurisdictions) 40% 4% 2.8% Yrs 2-6 8% * Yrs % 0% BrightLife Grow Survivorship, Series 156. Rolling Target (All approved jurisdictions except NY and PR only). 129%** 4% 2.8% 2.8% 0% BrightLife Grow Survivorship, Series 156 w/cvplus No Rolling Target (All approved jurisdictions) 40% 4% 2.8% Yrs 2-6 8% * Yrs % 0% * Deferred is paid in policy years 2-6 on premiums received up to the commissionable target premium during the first policy year for policies with the CVE or CVPlus rider. The policy must be inforce at the beginning of the policy year to earn that year s deferred firstyear commission. Any unpaid deferred first-year compensation is paid in a single sum if the policy terminates due to the death of the insured during the deferral period. **Rolling Target: on premiums received in Year 2 will be paid at first year rates to the extent, if any, that premiums received in Year 1 are less than target. will be paid on all other premiums received in year 2 at the renewal rate. ***First-year commissions on any premiums received in excess of the CTP are payable in the first policy year only. ****First-year commissions on any premium received in excess of the CTP above three times the CTP are payable in the first policy year only. (i.e: A policy with $10,000 CTP and a premium of $40,000 received prior to the first policy anniversary would generate full first year compensation on $10,000 (the Target premium). The next $20,000 in this example would generate excess up to the 3xCTP level. The remaining $10,000 of the $40,000 in premium received would generate compensation at the excess above 3xCTP rate.) MONY Life Insurance Company of America Product Ages 0-79 Ages 80+ BrightLife Term One, S155B 10.0% 5.0% BRAMCOSGA Schedule I and II 13

21 Product ¹IncentiveLife Optimizer III, Series Heaped Rolling Target (All approved jurisdictions except NY and PR). Product ¹IncentiveLife Optimizer III, Series Semi-Heaped Rolling Target (All approved jurisdictions except NY and PR). Product ¹IncentiveLife Optimizer III, Series Liquidity Rider Rolling Target (All approved jurisdictions except NY and PR). MONY Life Insurance Company of America Up to CTP Excess 2-10 Renewal MONY Life Insurance Company of America MONY Life Insurance Company of America 11+ Asset-Based %** 6% 2.8% 0% 0% 10bps Up to CTP Excess Renewal 2-7 Up to CTP1 2-7 Excess Over CTP1 8+ Asset-Based %** 6% 12% 4% 0% 0% 30bps Up to CTP Excess Renewal 2-7 Up to CTP1 2-7 Excess Over CTP1 8+ Asset-Based %** 6% 5% 4% 0% 0% 30bps **Rolling Target: on premiums received in Year 2 will be paid at first year rates to the extent, if any, that premiums received in Year 1 are less than target. will be paid on all other premiums received in year 2 at the renewal rate. BRAMCOSGA Schedule I and II 14

22 & Persistency MONY Life Insurance Company of America IL Optimizer III compensation is comprised of a combination of premium-based compensation and asset-based compensation, as described above. The producer has a choice of two compensation schedules (Heaped or Semi- Heaped) for policies issued without the Liquidity Rider. The choice must be made on the FP Certification. All agents sharing commission on a policy must have the same commission schedule. For policies issued with the Liquidity Rider, a separate compensation schedule applies. There is no option to select the Heaped or Semi-Heaped schedule. If the Liquidity rider ends or terminates prior to the end of the tenth policy year, future commissions will continue to be based on the Liquidity Rider schedule for the original coverage layer. If the policy face amount is increased, commissions paid on premium allocated to the new coverage layer will be based on the Semi-Heaped schedule. Overview Premium-Based (Base Policy) The Commissionable Target Premium (CTP) is the maximum premium amount on which first year commissions are paid at the highest rate. First year compensation will be paid on a rolling target basis, i.e., we will pay compensation at the first year rate up to one CTP paid during the first two policy years for policies issued by MLOA. There will be no rolling targets on policies issued through AXA Equitable. Asset-Based (Base Policy) In addition to the premium-based compensation, there is an asset-based compensation (ABC) component as well. ABC is paid on the unloaned Policy Account Value at an annualized rate, beginning at the end of the 1 st calendar quarter of the policy year in which asset-based compensation is scheduled to begin. Commission Chargebacks (Optimizer III) Policies issued with the Liquidity Rider have a chargeback on a portion of the commission if such a policy lapses or terminates for any reason other than the death of the insured. Policy Year Commission Recovery % 1 100% 2 75% 3 50% 4 25% 5 0 If the Liquidity Rider is terminated prior to the tenth policy year, the commission schedule will be unchanged. If the policy face amount is increased, commissions paid on premium allocated to the new coverage layer will be based on the Semi-Heaped schedule. If the Liquidity Rider is terminated and subsequently restored, the recaptured commission will also be restored. BRAMCOSGA Schedule I and II 15

23 Commission Chargebacks paid on any Athena UL with Cash Value Plus Rider, Series 150, Athena SUL III w/cve Rider, Incentive Life Optimizer with Cash Value Plus Rider, Incentive Life Optimizer II with Cash Value Plus Rider, Athena Indexed UL with Cash Value Plus Rider, Series 151 is subject to a chargeback if such Life Policy is surrendered or terminated for any reason other than death of the insured or the last surviving insured, respectively, in the first two Policy. In such event, the General Agent shall promptly repay to the Distributor a portion of all commissions and expense allowances paid in respect of such terminated or surrendered Life Policy according to the following schedule: Termination Recovery Percentage Month % % % % % % % * No chargeback applies to Face Amount Increase compensation. Applicable to policies issued in all states: For surrender/forfeiture of any policy that uses a standard 12 month period for determining first year compensation, a chargeback for any unearned premiums will apply. Commission Chargebacks paid on the Incentive Life Optimizer II Series 151 with CVPlus Rider and on the Athena Indexed UL 151 with CVPlus Rider (effective 05/02/11), the Athena Indexed UL with CVPlus Rider, Series 153 and Athena UL with CVPlus Rider, Series 152 (prior to 02/01/2013) and the Survivorship Incentive Life Legacy with CVPlus Rider, Series 149 (effective 02/18/2013) is subject to a chargeback if such Life Policy is surrendered or terminated for any reason other than death of the insured or the last surviving insured, respectively, in the first three Policy. In such event, the General Agent shall promptly repay to the Distributor a portion of all commissions and expense allowances paid in respect of such terminated or surrendered Life Policy according to the following schedule: Termination Recovery Percentage Termination Recovery Percentage Month Month % % % % % % % % % % % 36 0% % * No chargeback applies to Face Amount Increase compensation. Applicable to policies issued in all states: For surrender/forfeiture of any policy that uses a standard 12 month period for determining first year compensation, a chargeback for any unearned premiums will apply. BRAMCOSGA Schedule I and II 16

24 Commission Chargebacks paid on the Athena UL with CVPlus Rider, Series 152, the Athena Indexed UL with CVPlus Rider, Series 153 (effective 02/01/2013) the Athena Survivorship UL IV with CVPlus Rider, Series 154, the BrightLife Protect with CVPlus Rider, Series 155, the BrightLife Grow with CVPlus Rider Series 155, BrightLife Protect Survivorship with CVPlus Rider, Series 156 and the new BrightLife Grow Survivorship with CVPlus Rider, Series 156 is subject to a chargeback if such Life Policy is surrendered or terminated for any reason other than death of the insured or the last surviving insured, respectively, in the first four Policy. In such event, the General Agent shall promptly repay to the Distributor a portion of all commissions and expense allowances paid in respect of such terminated or surrendered Life Policy according to the following schedule: Termination Recovery Percentage Termination Recovery Percentage Month Month % % % % % % % % % % % 48 0% % Applicable to policies issued in all states: For surrender/forfeiture of any policy that uses a standard 12 month period for determining first year compensation, a chargeback for any unearned premiums will apply. BRAMCOSGA Schedule I and II 17